Ripple: XRP grow up 20% in hours by SEC's latest frustration in Ripple Case
The sixth-largest crypto asset by market capitalization, XRP, is recovering as Ripple Labs wins court in a lawsuit filed by the US Securities and Exchange Commission (SEC).
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XRP has surged around 20% amid a court ruling requiring the SEC to produce documents that Ripple intends to use as evidence.
On September 29, XRP spiked to a high of $0.5109 from a daily low of $0.4266 within hours, up 19.76%.
XRP is down slightly from yesterday's high and is trading at $0.4785 at press time.
In the ruling released Thursday, the SEC's objection to the creation of a speech of interest in the former CFO, William Hinman, was dismissed. Hinman's speech in 2018 stated that Ethereum (ETH) is not a security. The SEC sued Ripple in late 2020 alleging that the payments company sold XRP as an unregistered security.
Following the ruling delivered by District Judge Analisa Torres, legal expert James K. Filan now says that the SEC can use various strategies to delay compliance.
“The SEC has a number of procedural cards it can play with to try to further delay compliance with the Hinman document presentation order.
First, they can ask Judge Torres to review her order by overturning the SEC's objection. Second, they can ignore the reconsideration request and just ask her to certify the appeal of the decision she issued today.
Third, they can go directly to the Court of Appeal with Mandamus's Written Petition. As I mentioned before, these are all operations with a low probability of success.
But if the SEC wants to delay the production of the documents, they can try any or even all of these manipulations, and that could take another 2-3 months to take effect. "
Oct 01, 2022